Bid Management Software Market Report 2024

This Bid Management Software market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The bid management software market has grown strongly in recent years. It will grow from $0.93 billion in 2023 to $1.03 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth observed during the historic period can be attributed to increased adoption of digital tools, the expansion of e-procurement platforms, the globalization of supply chains, and a shift toward cloud-based solutions.

The bid management software market size is expected to see rapid growth in the next few years. It will grow to $1.5 billion in 2028 at a compound annual growth rate (CAGR) of 10%. The projected growth for the forecast period can be attributed to an emphasis on digital transformation, greater adoption of AI and automation, increased focus on data analytics, and a rising demand for collaboration tools. Key trends during this period include a growing use of AI and machine learning, a focus on cybersecurity, expanded mobile capabilities, and the development of solutions tailored to specific industries.

The rising adoption of cloud-based technologies is expected to drive growth in the bid management software market. Cloud services, which provide a range of computing resources and applications via the internet on a subscription basis, are gaining popularity due to their ability to support remote work, enable digital transformation, and address the scalability and agility needs of modern businesses. In bid management software, cloud-based technologies facilitate real-time collaboration, enhance data accessibility, and streamline processes across multiple stakeholders from any location. For example, in December 2023, Eurostat, a Luxembourg-based intergovernmental organization, reported that 45.2% of enterprises within the European Union had acquired cloud computing services, primarily for hosting email systems, storing electronic files, and various other tasks. This reflects a 4% increase in cloud service adoption among EU enterprises from 2021 to 2023, with large enterprises showing a notable adoption rate of 77.6% in 2023, up 6% from 2021. Thus, the growing use of cloud-based technologies is propelling the bid management software market forward.

Leading companies in the bid management software market are focusing on the development of innovative solutions, such as competitive bidding software, to gain a competitive edge. Competitive bidding software is a digital tool designed to streamline and manage the competitive bidding process, where multiple vendors or contractors submit proposals to win contracts for projects, goods, or services. For instance, in May 2024, Wolters Kluwer N.V., a Netherlands-based information services firm, launched Legal Collaborator, a new competitive bidding software. This software aims to enhance the engagement process between corporate legal departments and law firms by providing a standardized and transparent bidding process. It features pre-defined templates to gather and compare critical information such as conflict waivers, strategies, staffing, and pricing structures, thereby minimizing subjectivity in law firm selection, which is often influenced by personal relationships.

In July 2023, Bidding Limited, a UK-based contract management firm, acquired AM Bid for an undisclosed amount. This acquisition aligns with Bidding Limited's strategic growth plan to strengthen its position in the bid consultancy and software solutions market. AM Bid is a UK-based provider of bid management software.

Major companies operating in the bid management software market are BidExpress, Procore, ConstructConnect, Buildertrend, iSqFt, EasyBid, BuildingConnected, Projectmates, BidClerk, EstimateOne, PlanHub, Bidnet Direct, ConstructBuy, Corecon, Pantera Tools, Bid Planroom, eBid Systems, ProcureWare, SmartBid, Textura, VORTAL, Pipeline Suite.

North America was the largest region in the bid management software market in 2023. The regions covered in the bid management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the bid management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Bid management software is a specialized digital tool designed to streamline, organize, and automate the creation, submission, and management of bids or proposals in response to client or purchasing organization requests. It is widely used in industries where competitive bidding is essential for securing contracts or projects, such as construction, government procurement, and professional services.

The main types of bid management software includes cloud-based and web-based. Cloud-based bid management software is an online platform that automates and simplifies the bid creation, management, and submission process, allowing teams to collaborate in real-time from any location. This software is utilized by both small and medium enterprises (SMEs) and large enterprises and is applied in various contexts, including construction companies, general contractors, and construction managers, among others.

The bid management software market research report is one of a series of new reports that provides bid management software market statistics, including bid management software industry global market size, regional shares, competitors with a bid management software market share, detailed bid management software market segments, market trends and opportunities, and any further data you may need to thrive in the bid management software industry. This bid management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bid management software market includes revenues earned by entities by providing services such as document management, bid tracking, bid creation and submission, and analytics and reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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